Detecting and Preventing Accounts Payable Fraud

July 11 @ 10:00 am - 11:30 am

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Overview: This webinar will provide a practical overview of the most common and costly forms of AP fraud today and then focus on the best ways to both detect and prevent such crimes. Case studies will be cited to help illustrate key points.

Emphasis will be placed on the practical, “how-to” steps for early detection of red flags of AP fraud and the corresponding anti-fraud controls that, when properly implemented, will materially reduce the organization’s risk of falling victim to both internal and external AP fraud.

The Webinar will conclude with an introductory discussion about continuous controls monitoring and continuous auditing-two key components of long-term fraud risk mitigation.

Why should you Attend: Accounts Payable (AP) is the one business process that, in most organizations, is more vulnerable to fraud than any other. That is because virtually all funds that flow out of the organization must first pass through AP. And as we all know, fraudsters know all too well how to concentrate their illegal efforts where the money is most plentiful and most available.

Result: It is more important than ever for management to focus professional and financial resources to identifying and eliminating any anti-fraud control weaknesses in the AP process

Peter Goldmann is founder and President of White-Collar Crime 101 LLC, the parent company of FraudAware and publisher of the monthly newsletter, White-Collar Crime Fighter. Peter has been the Publisher and Editor of White-Collar Crime Fighter for over 12 years and is recognized as a leading expert in the areas of fraud detection, prevention, investigation and training. He has written numerous articles on practical approaches to fraud prevention and detection for, among others, Internal Auditor, Investor’s Business Daily, Financial Executives Institute and Bottom Line/Personal, Recognizing the vulnerability to fraud posed by a lack of awareness on the part of rank-and-file employees about specific types of economic crime , Peter launched the development of FraudAware in 2001. Following enactment of the Sarbanes-Oxley Act of 2002, FraudAware began helping companies resolve the unexpected increase in fraud losses, despite the costly implementation of SOX- mandated internal controls. He determined that while internal controls, Tone at the Top and whistleblower hotlines are all essential components of an effective anti-fraud program, the primary reason for continuing losses to internal and external economic criminals was a widespread lack of fraud awareness on the part of corporate rank-and-file employees. He theorized that if an organization’s most valuable asset–its workforce–could be taught to spot and report telltale signs of fraud, investigations could be initiated and perpetrators apprehended before major losses were incurred and negative publicity tarnished the organization’s reputation. The theory has proved viable over the past six years, as FraudAware training programs implemented at numerous companies in all major industries, have taught employees how to detect the common and not-so-common red flags of fraud and–most importantly–how to report these incidents through their employer’s confidential hotline channels.